Apply for either the Grad PLUS or a private loan - students do not apply for both concurrently. The Grad PLUS is recommended over a private loan for reasons stated below, particularly if going into public service work.
We consider the federal Grad PLUS a better choice for credit-based funding because of the federal deferment and forbearance options, a fixed interest rate, public interest loan forgiveness, income driven repayment plans and federal loan consolidation opportunities.
|
|
|
|
Interest Accrual |
|
Grace Period |
|
Repayment Options |
|
Loan Forgiveness |
|
Other Notes |
|
Application Process |
|
1. The interest rate as of July 1, 2020 is fixed at 5.30% based on the 10-Year Treasury Note Index + a 4.6% add-on (capped at 10.5%). New interest rate is calculated each year for new loans.
2. Due to sequestration, the origination fees increase annually each October 1 (amount to be determined) for new loans first disbursed on or after that date.
Private loan programs are available to help those students whose needs are not fully met by other government loan programs, institutional or outside scholarships, and/or employment and who choose not to borrow the federal Grad PLUS (also credit-based).
Interest Rate |
|
Fees |
|
Interest Accrual |
|
Grace Period |
|
Repayment Options | |
Loan Forgiveness |
|
Other Notes |
|
Application Process |
|
3. We strongly encourage you to request a copy of your credit report. Checking your credit rating now will help eliminate surprises later and will give you time to correct any errors or resolve any problems.
Please contact Student Financial Services at lawfa@seattleu.edu or 206.398.4250 for answers to any questions you have about financial aid.